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When we last looked at the state of play in new floats back in issue 47, we found that floats in the previous 12 months had turned in a 14.6% return overall. We got that figure by taking, in each case, the close on the first trading day as the base, and weighting the result towards those stocks that had been listed longer. The return compared well to the general market, but investors had to be in the right stocks to benefit - of the 138 new floats covered, the balance between those that were ahead and those that had fallen behind was about even. In essence, investment in floats between...

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